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Home » IANS » Union Bank of India logs Q3 net profit of Rs 574 cr

Union Bank of India logs Q3 net profit of Rs 574 cr

By IANS
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New Delhi, Feb 10 (IANS) Union Bank of India (UBI) on Monday announced that its standalone net profit for the quarter ended December 31 stood at Rs 574.58 crore.

During the July-September quarter of the financial year 2019-20, the public sector bank had reported a standalone net loss of Rs 1,193.61 crore and in the October-December quarter of the last fiscal, it had reported a net profit of Rs 153.21 crore, the bank said in a regulatory filing.

The bank recorded a total income of Rs 10,741.21 crore during the third quarter of the current fiscal, it said.

“Net Interest Income for the Q3 FY20 increased by 25.7 per cent to Rs 3,134 crore as compared to Rs 2,493 crore in Q3 FY19,” the company said.

Gross non-performing assets (NPAs), during the period under review, stood at Rs 49,923.58 crore compared to 49,713.34 crore during the year ago period.

“Cash recoveries during Q3 FY20 increased by 261.4 per cent to Rs 2,255 crore as compared to Rs 624 crore in Q2 FY20.”

–IANS

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